Silicone Elastomers Market is expected to reach more than USD 8.7 billion by 2023 with a CAGR of more than 7.7%.

Silicone Elastomers (polysiloxane), also known as vulcanized silicone-based polymers, can be found in various forms such as solids, open cell foams, closed cell sponges, thermally conductive, and electrically conductive. The superior properties of silicone elastomers such as extreme temperature resistance, excellent environmental resistance, and low compression set make them suitable for application in various end-use industries such as transportation, electrical and electronics, and healthcare.

By type, the silicone elastomers market has been categorized as high temperature vulcanized, liquid silicone rubber, room temperature vulcanized, and others. The high temperature vulcanized silicone elastomers segment accounted for the largest market share in 2017 on account of the excellent mechanical and chemical properties of the product.

Silicone Elastomers Market has been segmented by type, application, and region.

On the basis of type, the market has been segmented into high temperature vulcanized (HTV), liquid silicone rubber (LSR), room temperature vulcanized (RTV), and others.

Based on application, the market has been segmented into automotive, electrical and electronics, healthcare, energy, aerospace, and others.

Based on region, the market has been segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

Silicone Elastomers Market Application:

Silicone Elastomers are considered ideal elastomer which contains both mechanical and chemical properties. These properties enable its usage in commercial as well as industrial applications such as hoses, spark plug boots, vibration dampers, ignition cables and structural glazing among others. Moreover, these polymers are also used in door seals, shoe inserts, kitchen utensils, dental and surgical devices and sterilization mats.

Silicone Elastomers Market is expected to be driven by the rapidly expanding automotive industry across the globe. The product is being increasingly used in automobiles in gaskets, hoses, connector seals, fuel system valves, diaphragms, and others. Increasing automobile production, especially in developing economies such as China, India, and Thailand, is fuelling product demand. Furthermore, an increasing middle-class population coupled with rising disposable income has led to a growing number of car owners in developing markets, which, in turn, is expected to boost product demand during the forecast period.

Silicone Elastomer referred to as synthetic rubber that is available in various forms such as solids, closed cell sponge, electrically conductive, open cell forms and thermally conductive materials. These elastomers possess superior properties such as electrical and thermal resistance, low surface friction, flame retardancy and self-adhesive nature which increases the demand of product across various application such as automotive, construction, medical & healthcare and electrical & electronics among others. Growing demand of product in structural glazing and sealants are anticipated to drive the silicone elastomer in construction industry. Moreover, rising demand of silicone elastomers in aviation sector owing to low thermal conductivity is projected to drive the market growth.

Asia-Pacific accounted for the largest share of the silicone elastomers markets in 2017 because of the presence of a wide industrial base in developing economies such as India, China, and Thailand. Market growth is heavily influenced by increasing automotive production because of the surging demand for automobiles coupled with the rising per capita income of consumers.

North America is a prominent region for the silicone elastomers market owing to the burgeoning electrical and electronics industry with the rising demand for consumer electronic devices such as wireless speakers and wearable devices.

In terms of market share, North America is followed by Europe, because of the reviving automotive industry with a surge in demand for high energy-efficient and lightweight vehicles. Additionally, the expanding healthcare industry because of increased spending on healthcare coupled with the growing geriatric population and high per capita income is propelling market growth.

Silicone Elastomers Market Competitive Analysis:

Silicone Elastomers Market fragmented with presence of tier 1 and tier 2 as well as strong regional players in the market. The key players are highly focusing on quality and high-performance products by investing on research and development which is further expected to provide lucrative opportunity for market participants. The various other strategies adopted by major players are expansion, acquisition and agreement. The industry is high following backward integration strategy such as raw material used for producing silicone uses silicone for manufacturing elastomers. Thus, achieving cost effective business through minimising the raw material procurement problems. For instance, Wacker Chemie AG, Dow Corning Corporation, Momentive Performance Materials Inc. and Shin-Etsu Chemical Co., Ltd. among others are major participants in backward integration. Moreover, companies are implementing high tech technologies to meet customer requirements. The players are entering into long term agreement with distributors to maintain profit across value chain.

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